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Africa Finance Corporation invests $14.1m in developing Xlinks’ Morocco-UK Power Project

By: Chloe Emanuel 26/04/2024 AFC

Cables General

Xlinks First Ltd. has announced a $14.1 million investment from Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, to further the development of Xlinks’ Morocco – UK Power Project, which will provide affordable, reliable, clean energy from Morocco to Britain within a decade.

AFC’s support marks a significant milestone for the project, affirming Morocco’s role as a continental renewable energy leader, and demonstrating how Africa’s enormous renewable energy potential can provide solutions to benefit the global energy transition. Once complete, the project’s wind and solar generation, combined with flexible battery storage, will supply 3.6GW of affordable, reliable, clean power to deliver 8% of the Britain’s current electricity needs – or the equivalent of 7 million homes. The new electricity generation and battery storage facilities, located in south Morocco, will be connected exclusively to Britain via 4,000km HVDC sub-sea cables.

The project will drive the creation of thousands of employment opportunities including a significant proportion of qualified jobs, supported by training and certification programs, which will help to consolidate the pioneering role of Morocco’s renewables expertise as a regional and continental energy hub. The project will also foster the establishment of an integrated renewable energy industrial ecosystem, including industrial production of renewable energy equipment, transformation, transport, storage, and reconversion, which combined will serve as a locomotive for growth and economic development.

Samaila Zubairu, AFC President & Chief Executive Officer, said: "Africa, with its immense renewable energy potential and vast natural resources, stands at the forefront of global net zero aspirations. Xlinks’ Morocco-UK Power Project exemplifies this pivotal role, showcasing Africa's capability to fuel Europe's shift to sustainable energy while simultaneously addressing urgent climate challenges. By harnessing the abundant wind and solar power of the Sahara and channeling it directly to one of Europe's largest energy markets, this project not only boosts the growth of Morocco's economy through significant export revenues but also catalyzes the development of local clean energy industries. As this transformative project advances, it will not only benefit Morocco and Africa but also significantly contribute to reducing greenhouse gas emissions, with the majority of investments set to drive this change occurring within the Global South."

James Humfrey, CEO of Xlinks First, said: “Securing AFC as an investor is a significant step forward in the development of the project. We are excited to be partnering with AFC, a leading financial institution created by African sovereign states, including the Kingdom of Morocco. They bring an unparalleled understanding of, and experience in, African infrastructure. Their mission - to foster economic growth and industrial development on the continent - aligns closely with the planned outcomes of the Morocco-UK Power Project."

AFC is the latest major investor in Xlinks First Ltd., joining Abu Dhabi National Energy Company (TAQA), TotalEnergies and Octopus Energy.

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Africa Finance Corporation invests $14.1m in developing Xlinks’ Morocco-UK Power Project

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